Property Taxation - Part 4
Nevada has plans of potential changes to their property taxation to have assessment limits, while North Dakota, North Carolina, New Jersey, and New Hampshire do not. This information was updated in rows 29-31, 34-35, column C-D of the attached spreadsheet.
- There are plans for limits on Nevada Property Taxes.
- The cap will allow for an owner-occupied single-family residence to increase by no more than 3% per year, regardless of changes to the valuation of the home, unless the change in value is directly related to improvements in the home.
- For all other types of owned properties, the cap applied is related to the average percentage of change in the value of a county over the current year and the previous nine years, or two times the increase of the CPI of the year.
- There is no plan for an assessment limit on property taxes in New Hampshire.
- This is shown by the 2019 property tax increase of up to 27% in some cases.
- There is no limit for property tax assessments because New Hampshire relies heavily on the taxes of properties.
- There are no plans to enact a property tax assessment limit in the state of New Jersey.
- There was a recent bill proposition published in May 2019 that concerns property taxes with no mention of adding an assessment limit.
- North Carolina does not have plans to impose a property tax credit limit.
- In 2019, there was a reappraisal in order to equalize the tax burden among property
owners and among all classes of property.
- There are plenty of tax property relief programs including Elderly or Disabled Exclusion, Circuit Breaker Tax Deferment Program, and the Disabled Veteran Exclusion Program.
- North Dakota does not have plans for a property tax assessment limits.
- North Dakota, as a whole, relies on property taxes to fund the local government.
- There was a recent change to the proposals of the North Dakota Property taxes that only affected businesses.
All our research among credible sources which included government publications stated that there has been limits on property taxes since 1979, although they are making reform changes to it, to make it less complicated starting in 2020.
For New Hampshire:
We determined there were no plans for a property tax assessment limit in New Hampshire due to the fact that there was a recent steep increase in property taxes. There are no limits in place and there was no mention of residents wanting a limit. Rather, they just wanted a better explanation of the types of increases they are facing. New Hampshire also relies heavily on their property taxes, as they have no sales tax or other forms of taxes to aid in government workings.
For New Jersey:
We determined there are no plans to enact property tax assessment limits in the state of New Jersey because of the lack of an increase in property taxes over the past years. We also based it on the fact that New Jersey relies heavily on its property taxes to aid with government affairs and the fact that there was a recent bill published in May 2019 about the property tax system that does not include any reform on the assessment limit.
For North Carolina:
We determined that North Carolina did not have plans to implement a property tax assessment limit because of their tax relief programs in place as well as the fact that there were no mentions of a tax assessment limit within credible sources other than the already established rate limit. In 2019 there was a reappraisal in order to equalize the tax burden among property owners and among all classes of property in North Carolina. But outside of this, there was no mention on any assessment limit.
For North Dakota:
We determined that North Dakota does not have plans for a property tax assessment limit due to the fact that North Dakota is reliant on its property taxes to aid government affairs. There was also a publication that included recent and proposed changes to tax bills in North Dakota but a property tax assessment limit was not included.